Taiwan Sees Record High Tax Revenues
May 13, 2014 Taxation in Taiwan
TAIPEI – Taiwan is seeing record high tax revenues despite the fact that tax refunds to businesses are exceeding collection of corporate income tax.
Tax revenues in Taiwan over the first four month of this year have risen significantly compared to the same period last year, having reached a total of TWD 431 billion, approximately 4.4 percent higher than in 2013, according to a new statement issued on May 12th by the Ministry of Finance.
The growth in tax revenues has been attributed to notable increases in the collection of personal income tax, which grew by 5.2 percent, reaching a total of TWD 91.8 billion.
It was also noted that collection of the recently introduced securities transaction also rose significantly, improving by 37.2 percent to reach a level of TWD 28.7 billion.
Despite the overall positive results, it was noted that the collection of corporate income tax led to a net loss of TWD 900 million, as the level of tax refunds exceeded collections.
According to the newly released statement, the total tax revenues during the first quarter of this year are the highest on record since 2001.
Photo by: Francisco Diez